Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2018resource reserve update▲ GoodMajor
Independent Collarini report (effective 30 June 2018) lifts Byron's net 2P reserves to 29.3 MMboe from 2.3, and 1P to 11.1 from 0.7. Eugene Island 62/63/76/77 gives 45% of 2P. Net prospective resource is steady at about 134 MMboe. Follows the SM71 upgrade of 6 August.
19 Sept 2018other▲ Good
CEO letter says Byron ranks 12th of 119 Gulf of Mexico shelf oil producers on two months of output, from 50% of one project. It lists 31 drill-ready prospects and about two years of near-continuous drilling. It says the aim is to fund this from cash flow rather than raise capital.
19 Sept 2018production update● Neutral
Partner Otto repeats Byron's SM71 update: 3,600 bopd and 6.0 mmcf/d gross, and the F2 recompletion to the B55 sand in the last week of September. No new Byron information.
4 Sept 2018drilling progress report● Neutral
Weiss-Adler No. 1 has 16-inch casing cemented at 4,040 ft MD and is drilling ahead at 4,900 ft, on the way to 18,294 ft MD. About 75 days total is still expected. No result yet.
4 Sept 2018drilling progress report● Neutral
Partner Metgasco repeats Byron's update: Weiss-Adler No. 1 is drilling ahead at 4,900 ft with 16-inch casing cemented at 4,040 ft. Metgasco holds 10% WI. No new Byron information.
27 Aug 2018drilling spud● NeutralMajor
The Weiss-Adler No. 1 well at Bivouac Peak East began drilling on 25 August 2018 and was at 1,300 ft TVD by 26 August. Target is 18,000 ft TVD in about 75 days. Byron holds 43%. Resolves the spud thread; the East prospect holds 32.2 MMboe gross prospective resource.
27 Aug 2018drilling spud● Neutral
Partner Otto repeats that drilling started on Weiss-Adler No. 1 at Bivouac Peak East, with the well at 1,300 ft TVD and about 75 days to target. Otto pays 53.33% of the first US$10m of costs. No new Byron information.
16 Aug 2018asset acquisition disposition▲ GoodMajor
Byron was apparent high bidder on Main Pass 293, 305 and 306 in Lease Sale 251, bidding about US$0.4m gross at 100% WI. The blocks cover a salt dome that produced 96 million barrels of oil. Bids remain subject to BOEM review, up to 90 days.
6 Aug 2018resource reserve update▲ Good
Partner Otto repeats the SM71 reserves upgrade: gross 2P up 10.6 MMboe to 16.2 MMboe, with 6.6 MMboe net to Otto. It says Bivouac Peak is expected to start later in August. No new Byron information.
6 Aug 2018resource reserve update▲ GoodMajor
Independent report (effective 30 June 2018) lifts SM71 net 2P reserves to 6.6 MMBOE from 2.3, and gross 2P to 16.2 MMBOE from 5.6. Byron says gross project payout of US$52m is expected within a year. Resolves the pending reserves update.
30 July 2018quarterly activities report▲ Good
First full SM71 production quarter: Byron's net sales were 134,160 barrels of oil, giving about US$9.1m net revenue. Cash fell to US$2.26m at 30 June 2018. Bivouac Peak East spud due second half of August and SM74 drilling in November.
19 July 2018farm in farm out agreement● Neutral
Partner Metgasco confirms it farms into SM74 for a 30% WI, funding 40% (US$4.4m) of the US$11m test well. It says drilling is mid-October 2018, earlier than Byron's November. Follows the farm-in rights talks flagged in June.
19 July 2018farm in farm out agreement▲ GoodMajor
Byron signed a letter of intent to drill its SM74 prospect from the adjacent SM73 D platform, and farmed out 30% WI to Metgasco, which pays 40% of the US$11m well. Spud targeted November 2018; Byron says up to US$20m could be saved. Prospective resource 5.2 million barrels and 13 Bcf.
9 July 2018farm in farm out completion▲ GoodMajor
All partners committed to the Bivouac Peak East well, to spud in the second half of August. Interests are now Byron 43%, Otto 40%, Metgasco 10% and NOLA 7%. Well cost is estimated at US$10.8m, with target depth 18,294 ft and about 75 days to drill.
9 July 2018farm in farm out completion● Neutral
Partner Otto confirms it will take 40% of the Bivouac Peak East well, paying 53.33% of costs up to US$5.33m, funded from SM 71 cash flow. Repeats Byron's 9 July news: all equity now committed, spud late August, about 75 days. No new Byron information.
4 July 2018production update● Neutral
Partner Otto repeats Byron's F2 update: B65 trap about 3 acres, F2 shut in, F1 and F3 at 4,245 bopd. Otto adds that no extra capital is needed for more drilling now. No new Byron information.
4 July 2018well test result▼ BadMajor
F2's B65 sand is estimated to be a 3-acre trap against 175 acres targeted, and F2 stopped flowing after 8 hours on 2 July. F1 and F3 still produce about 4,245 bopd. B55 recompletion is planned for early September. This confirms the F2 B65 disappointment.
29 June 2018director officer appointment● Neutral
Byron raised CEO Maynard Smith's annual fee, paid via Geogeny, from A$160,000 to A$550,000 from 1 July 2018, as flagged in September 2017 for review once SM 71 produced. The announcement gives SM 71 success and the old below-market rate as reasons.
28 June 2018farm in farm out completion▲ Good
Partner Metgasco elected to take its 10% WI (7.45% NRI) in the Bivouac Peak first well, capping its cost at US$1.333m. It expects spud in August. It also says farm-in talks with Byron over recent block awards continue.
25 June 2018regulatory community update▲ GoodMajor
All key Louisiana and US Army Corps permits for the Bivouac Peak well were approved on 21 June, in four months. Drilling could start mid-August, subject to partner elections due 9 July. Only NOLA has elected so far. Well target depth is 18,294 ft.
20 June 2018asset acquisition disposition▲ GoodMajor
BOEM awarded the remaining Sale 250 blocks SM 70, VR 232 and VR 251, so Byron won all seven blocks bid for (US$2.61m gross bonus). It now holds seven leases around SM71 and 13 OCS leases. VR 232 is split 50/50 with Otto, whose rights to join new projects end.
20 June 2018asset acquisition disposition● Neutral
Partner Otto reports VR 232 awarded to Byron, with Otto taking 50% WI (43.75% NRI) and paying US$734,000. Gross prospective resource is 11 Bcf and 170,000 bbl. Otto's rights to join new projects under the 2015 agreement are now fulfilled.
12 June 2018asset acquisition disposition▲ GoodMajor
BOEM accepted Byron's bids for Eugene Island 62, 63, 76 and 77, awarded at 100% WI and 87.5% NRI for US$1.012m total bonus. In-house mapping shows 308 bcf gas and 12,600 mbo gross prospective resource. Resolves part of the Sale 250 bids.
18 May 2018production update▼ BadMajor
April net revenue about US$2.4m; F1 and F3 steady at 4,200 bopd as expected. F2 (B65) has lost over 50% of initial pressure and fluctuates 300-500 bopd, pointing to a smaller reservoir than mapped. This worsens the F2 concern from March and April.
18 May 2018production update● Neutral
Partner Otto repeats Byron's 18 May figures: April gross sales 92,700 bbl oil, F1/F3 about 4,200 bopd, F2 fluctuating 300-500 bopd after pressure decline. Otto adds its own April revenue of US$2.9m (US$2.4m after royalties). No new Byron information.
3 May 2018contract award▲ GoodMajor
Byron signed with WesternGeco to reprocess and extend 3D seismic over the SM71 project area, to 172 square miles. Processing takes about 6 months, and Byron alone funds and manages it. The CEO calls it the first use of SM71 cash flow. The cost is not stated.
27 Apr 2018quarterly activities report▲ Good
March quarter: first oil from SM 71 in March made Byron a producer, and F3 started in April. Cash fell to US$4.3m from US$14.5m, and Metgasco notes outstanding are A$6.0m after one A$1m repayment. Byron was high bidder on seven Lease Sale 250 blocks.
26 Apr 2018production update● Neutral
Partner Otto repeats Byron's 26 April figures: 4,650 bopd gross, 83,000 bbl produced to date, and about US$125,000 a day net at US$68 WTI. Otto adds its own estimate of roughly US$3.7m monthly operating cash flow. No new Byron information.
26 Apr 2018production update▲ GoodMajor
All three wells are averaging 4,650 bopd and 3,200 mcfpd, over 90% of platform capacity, after a four-day pipeline shut-in from 19 April. Byron's net sales revenue is about US$125,000 a day at US$68 WTI. Gross operating costs are expected near US$250,000 a month.
9 Apr 2018production update▲ GoodMajor
F3 began producing on 6 April; platform output is 4,288 bopd across all three wells, near the roughly 4,300 bopd facility limit. F2 has partly recovered to 662 bopd. The pipeline shut-in has been postponed. Byron says SM74 is the next dome project.
